Cleveland Cliffs Inc (CLF)

[DewDiligence]

Early-redemption terms of new 2025 bonds:

https://www.sec.gov/Archives/edgar/data/764065/000076406517000050/a20170227-8xkxclosingofnot.htm

The Company may redeem the Notes, in whole or in part, on or after March 1, 2020, at the redemption prices set forth in the Indenture, plus accrued and unpaid interest… and prior to March 1, 2020, at a redemption price equal to 100% of the principal amount thereof plus a “make-whole” premium set forth in the Indenture, plus accrued and unpaid interest…

The Company may also redeem up to 35% of the aggregate principal amount of the Notes on or prior to March 1, 2020 at a redemption price equal to 105.750% of the principal amount thereof, plus accrued and unpaid interest...with the net cash proceeds of one or more equity offerings.

So there are three main cases.